The dollar has fallen by another 1.5 percent against the euro. Since the start of the year, the US currency has weakened by nearly 4 percent against the euro, and it has dropped by 2.5 percent against the ruble. With tens of billions of dollars in cash savings of Russian citizens, it is easy to calculate their losses – from several hundred millions to one billion of dollars, the Nezavisimaya Gazeta newspaper reports.
European analysts say this serious weakening of the dollar is the result of significant difficulties the United States is facing in restoring peaceful life in Iraq, coupled with reports of industrial slowdown in America. The dollar continues to fall on the Russian market, too. According to some forecasts, the US currency might fall to 30 RUR/USD over the next few months, the newspaper says.
According to the Nezavisimaya Gazeta, the current financial instability leaves no choice for private investors: nobody can be sure that this or that investment will return profits or at least protect from inflation. In this situation, saving in dollars becomes pointless.
From a consumption point of view, the euro also beats the dollar in most aspects. Tours to Europe, as well as to other regions, are increasingly priced in euros. According to tourism analysts, European resorts will be the most popular on the tourist market this summer, and the “europeanization” of tourist business will further increase. The demand for the euro is expected to be very strong on the Russian market, and the European currency will rise as a result, the Nezavisimaya Gazeta concludes.
The dollar has fallen by another 1.5 percent against the euro. Since the start of the year, the US currency has weakened by nearly 4 percent against the euro, and it has dropped by 2.5 percent against the ruble. With tens of billions of dollars in cash savings of Russian citizens, it is easy to calculate their losses – from several hundred millions to one billion of dollars, the Nezavisimaya Gazeta newspaper reports.
